As a managing partner, do you need a business professional to help with the administration and management of your law firm? I would quickly answer, yes. Whether the position is called an executive director, managing director, COO, CAO or CEO, skilled business management professionals are key to the stability of a law firm and its management structure.

As a young lawyer, most managing partners entered the practice of law for the challenge, or because it was a worthy vocation and a way to give back, or simply to earn a good living. The practice of law requires not only the ability to understand the law and all its complexities, but in most cases, lawyers need to balance relationships with multiple clients, deal with crises, contracts, negotiations and so on.

Lawyers are not necessarily trained or experienced in the day-to-day business aspects of managing a firm. Managing partners are often elected or chosen from the ranks of the most senior and successful practicing attorneys at the firm. And in many firms, the lawyers who are chosen to lead and manage are faced with term limits for that management role.

With a professional manager on board, a managing partner can not only help ensure continuity in the management of the firm but also free up time to maintain some client contacts and client work that may otherwise have been forgone to focus on firm management. This model of firm management is often an overlooked key to a successful succession plan within the firm.

I am not challenging the ability of attorneys to lead, quite the opposite. Leadership requires followship, and within a law firm that means building consensus, and that takes time. A lot of time. The time of the firm leader.

Too often, leadership and management skills are thought of as one and the same. That’s a mistake no firm should make. A professional manager, with experience and expertise in the business aspects of law is an invaluable collaborator for any managing partner.

A collaboration between the managing partner and a professional manager trusted to undertake the most sensitive and time-consuming management tasks is invaluable in providing important continuity for the firm’s management team and helping ensure that the firm thrives financially.

Give a business professional the support and authority they need to make a difference in your firm. Give them a “seat at the table” to help you successfully steer the business of the firm and promote and maintain its culture.

You work hard enough. Be well.

Contact

The Professional Services Practice at Aon values your feedback. If you would like to discuss any of the topics raised in this article, please contact George J Wolf, Jr.

George J Wolf, Jr
Managing Director
New York